Shanghai plunges 55% from its peak

Asian markets have slaughtered today following weak US markets cues, wherein Morgan Stanley and FedEx reported weak earnings. Surging Crude Oil price is also worrying markets. China's Shanghai Composite fell 5.5% or 161.739 points at 2,779.376 as against previous close. Its 52-week high is 6,124.04. From that peak, it is down almost by 3344.66 points or 54.62%. In the Shanghai market, refineries and airlines stocks hit badly.

Hang Seng was down 432.69 points or 1.85% at 22,893.11. Nikkei 225 Average fell 2.23% or 322.65 points at 14,130.17. Straits Times plunged 1.83% or 55.65 points at 2,984.44. Seoul Composite was down 33.41 points or 1.88% at 1,740.72. Taiwan Weighted lost 169.84 points or 2.075 at 8,047.74.